December 15, 2017 / 4:10 PM / a year ago

U.S. derivatives watchdog outlines exemptions for virtual currency trades

WASHINGTON, Dec 15 (Reuters) - The U.S. derivatives watchdog on Friday published draft legal guidance outlining the basis on which retail virtual currency trading would be exempted from complying with its rules.

The proposed legal interpretation issued by the Commodity Futures Trading Commission (CFTC) should ultimately see more virtual currency operators come under the CFTC’s direct oversight and is likely to lead to a flurry of enforcement actions against operators that may be putting investors at risk.

Though industry sources said the interpretation has been months in the making, it comes amid heightened regulatory concerns over a bubble in the bitcoin market after the virtual currency raced to new highs of more than $19,000 this week. (Reporting by Michelle Price; Editing by Meredith Mazzilli)

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